1 Yen

Dai-Ichi Kokuritsu Ginko — the First National Bank — occupied a peculiar position in Meiji-era finance: it was a private joint-stock bank granted quasi-central-bank authority to issue convertible notes, a function it exercised from 1873 until the Bank of Japan absorbed that role in 1883. This 1907 note comes from the bank's later commercial phase, issued under its reorganized identity after losing note-issuing privilege, which makes its continued circulation as a private banknote an administrative curiosity of the transitional period.

Pick 10 is among the scarcer survivors of the series, as most privately issued Japanese paper from this period was systematically retired and pulped.